Legion Partners Asset Management LLC Buys Shares of 349,391 BroadSoft, Inc. (BSFT)
Legion Partners Asset Management LLC bought a new position in BroadSoft, Inc. (NASDAQ:BSFT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 349,391 shares of the software maker’s stock, valued at approximately $15,041,000. BroadSoft comprises approximately 6.8% of Legion Partners Asset Management LLC’s portfolio, making the stock its 7th largest position. Legion Partners Asset Management LLC owned about 1.13% of BroadSoft at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Ameritas Investment Partners Inc. bought a new position in BroadSoft in the first quarter worth about $102,000. Pitcairn Co. bought a new position in BroadSoft in the second quarter worth about $222,000. Koch Industries Inc. bought a new position in BroadSoft in the first quarter worth about $220,000. US Bancorp DE lifted its holdings in BroadSoft by 9.6% in the second quarter. US Bancorp DE now owns 6,595 shares of the software maker’s stock worth $284,000 after acquiring an additional 579 shares during the last quarter. Finally, Wrapmanager Inc. bought a new position in BroadSoft in the second quarter worth about $300,000.
BSFT has been the topic of a number of recent research reports. Wells Fargo & Company reissued an “outperform” rating and issued a $50.00 target price (up previously from $46.00) on shares of BroadSoft in a report on Monday, June 19th. Northland Securities reissued a “hold” rating and issued a $42.00 target price on shares of BroadSoft in a report on Friday, July 21st. Barclays PLC initiated coverage on shares of BroadSoft in a report on Friday, July 7th. They issued an “equal weight” rating and a $45.00 target price on the stock. BidaskClub cut shares of BroadSoft from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Finally, Cowen and Company reaffirmed a “buy” rating and set a $51.00 price target on shares of BroadSoft in a report on Friday, July 28th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $48.38.
BroadSoft, Inc. (NASDAQ:BSFT) traded up 0.47% during midday trading on Thursday, hitting $53.80. The stock had a trading volume of 57,513 shares. The stock’s 50 day moving average price is $48.34 and its 200-day moving average price is $42.61. BroadSoft, Inc. has a 52 week low of $33.85 and a 52 week high of $54.20. The company’s market cap is $1.67 billion.
BroadSoft (NASDAQ:BSFT) last issued its quarterly earnings data on Monday, August 7th. The software maker reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.53. The firm had revenue of $88.80 million for the quarter, compared to analysts’ expectations of $86.63 million. BroadSoft had a negative net margin of 2.34% and a positive return on equity of 4.72%. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.49 earnings per share. Equities research analysts predict that BroadSoft, Inc. will post $2.27 earnings per share for the current year.
In other BroadSoft news, Director John D. Jr. Markley sold 3,000 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $48.00, for a total transaction of $144,000.00. Following the sale, the director now directly owns 22,839 shares of the company’s stock, valued at $1,096,272. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Scott D. Hoffpauir sold 8,896 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $50.00, for a total transaction of $444,800.00. Following the sale, the insider now directly owns 105,502 shares in the company, valued at $5,275,100. The disclosure for this sale can be found here. Insiders have sold 29,688 shares of company stock worth $1,458,384 over the last ninety days. Insiders own 1.50% of the company’s stock.
BroadSoft, Inc is a global provider of software and services that enable telecommunications service providers to deliver hosted, cloud-based Unified Communications (UC) to their enterprise customers. The BroadSoft Business solution is a communications and collaboration offering that enables telecommunications service providers to offer businesses and other enterprises UC features and functionalities on a cloud-delivered basis without the need for traditional premise-based private branch exchange (PBX) equipment.
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